Glossary of Conveyancing Terms

What is the process of conveyancing for the seller?

There are 3 stages involved in buying or selling a property: agreeing the sale; exchanging of contracts; and completion. At each stage both buyer's and seller's solicitors have specific tasks to carry out.

Stage 1: Agree the sale.

The seller's solicitor will: apply for both the seller's title deeds and land registery; ask the seller to complete a property information and fixture, fittings and contents form; prepares and sends a contract to the buyer's solicitor; and negotiate a completion date.

Stage 2: Exchange of Contracts.

After this stage the contract becomes legally binding, i.e the buyer must buy and the seller must sell. The seller's solicitor will: confirm the completion date; obtain a settlement figure from the lender; recieve the buyer's deposit; and approves the transfer deeds, obtaining the seller's signature.

Stage 3: Completion.

The seller's solicitor will: recieve the balance of the purchase price; pay off the balance of the mortgage; forward the deeds to the buyer's solicitor; and either send the balence to the seller or use it to purchase another property.

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